Your Business Idea Feels Revolutionary, But Is it? Does it Matter?

Your business idea feels revolutionary—but does uniqueness even matter?

Does a Business Idea Need to Be Unique?

Not necessarily! While a completely new concept might be valuable, execution is key. A coffee shop isn’t new, but Starbucks’ execution made it a billion-dollar company.

When Should You Worry About Copying?

Copying some business models that aren’t protected is legal, but copying protected elements, like branding or patented processes, isn’t. Make sure your idea isn’t infringing on anyone else’s registered intellectual property by having a search done by a patent and trademark attorney if you’re not sure. You also aren’t allowed to copy anything you know that’s subject to a non-disclosure agreement. Sometimes non-compete agreements matter, too.

How Can You Protect Your Business Idea?

1. Patents – Only new, useful, and non-obvious processes or products qualify for patent registration and protection. Just an idea for a business doesn’t qualify.
2. Trademarks – Your brand name, logo, slogan, unique packaging, signature scent, and more can be protected under trademark law.
3. Copyrights – Original website content, marketing materials, and product packaging design are protected by copyright law the instant they’re created, and much of it can be registered with the copyright office.
4. Trade Secrets – Non-disclosure agreements (NDAs) help keep proprietary strategies confidential.

I regularly have people come to me with what they think is a truly innovative idea for a business and want to get a patent for it. I usually have to disappoint them by explaining that despite being a very cool idea, it simply isn’t the type of thing that patent law covers. That doesn’t mean they’re without any protection, though.

Even if you can’t patent your idea, you can use trademark, copyright, and trade secret protections to protect much of your business, and you can use non-disclosure agreements and great security measures to protect other proprietary information. Finally, you can stand out and beat any copycats by focusing on quality, branding, and execution! After all, there are many different jewelry stores, but only one Tiffany & Co.!